Replication README for "The Supply Elasticity of Municipal Debt: Evidence from Bank-Qualified Bonds" (St.Clair 2024)

This file is designed to allow users to replicate the results shown in graphs and tables in St.Clair (2024). Nearly all of the results in the paper derive from the publicly available Census of Governments, as cleaned and made available at https://willamette.edu/mba/research-impact/public-datasets/index.html. Figure 8 and Appendix Figure 2 also make use of bond data from Refinitiv. 

The replication package contains three folders: Data, Tables, and Figures. 

Data Folder
The data folder contains all the data files necessary to replicate the results. I performed minor cleaning of the raw Census data, as obtained from https://willamette.edu/mba/research-impact/public-datasets/index.html. The do file "Cleaning Census Data" details these cleaning steps, which result in the file "Census.dta", as well as the sample restrictions that I place on the data for my main calculations, which result in "Census w-restrictions." There are two other data files, "Refinitiv Fig 8" and "Refinitiv Fig A2" used to produce Figures 8 and A2 respectively.

Tables and Figures Folders
These folders contain the do files necessary to replicate the tables and figures.  The instructions for each table and figure are in a separate file.  Some of the do files in the Tables folder make use of sub-do files, which are also contained in the same folder. 

Additional Calculations
The calculation at the end of Section 5.1 is shown in the file for Table 2. The regressions referenced in Section 6.3 are shown in the file for Table 5. 

